Monday, August 26, 2019

Elliott Wave Stock Market Update - August 26

The market managed to counter-rally today after having a bearish opening in pre-market. Looking at the pattern and ignoring what the genius has been tweeting, it looks like there should be another strong bearish leg down after this sideways move is over. The upper band of this sideways pattern is 2943 so it is possible we see a rally continue until resistance is hit. Contradicting information by Trump is the perfect excuse to see this pattern develop as what he thinks and says on Friday is completely different to what he will say on Monday. Instead of trading waves, we could be trading his temper tantrums.

Short Term Trend = Bearish
Medium Term Trend = Bullish
Long Term Trend = Bullish

* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking

No comments:

Post a Comment